3. Using the information in this chapter, pick a type of mutual fund that you consider suitable for each of the following investors and justify your choice:

A 24-year-old single investor with a new job that pays $36,000 a year.

A single parent with two children who has just received a $400,000 inheritance, has no job, and has not worked outside the home for the past five years.

A husband and wife who are both in their mid-60s and retired.